President Nana Addo Dankwa Akufo-Addo on Wednesday stated that his government had a clear vision on where it was taking the country, saying that by the end of his mandate, Ghana would have emerged a very prosperous nation.
So far, his government, he said, had over the last two and half years made significant progress in all aspects of the economy and was working to put the country on the path of progress and prosperity.
The President who made this known when he addressed participants at the 2nd Ghana Diaspora Homecoming Summit at the Accra International Conference Centre, said though his administration inherited an economy confronted with significant challenges, significant progress had been made, with the macroeconomic fundamentals now pointing in the right direction.
Acknowledging that though was not out of the woods yet, but “by dint of hard work and prudent management of our resources, we have made modest advances, and I am happy to report that we have been able to steer our country out of the stormy waters that had characterised the years before 2017.”
“Ghana is projected, this year, by the IMF, to be the fastest-growing economy not just in Africa, but in the entire world, with a projected GDP growth rate of 8.8%. Inflation is in single digits, from 15.4% at the end of 2016 to 9.5% in April 2019; the debt-to-GDP ratio has declined to 54.8% at the end of 2018; interest rates are declining; and so is the Bank of Ghana Monetary Policy Rate,” he said.
President Akufo-Addo explained that Ghana’s trade balance, for the first time in more than a decade, recorded a surplus in 2017, maintained it in 2018, and, in the first quarter of this year, has recorded a surplus of $899 million.
“It comes as no surprise, therefore, that, today, Ghana is the leading recipient of foreign direct investment in West Africa. Indeed, we have some of the world’s largest companies setting up shop in Ghana, and we have, recently, become the largest producer of gold in Africa,” he said.
Thus, the President asked all Ghanaians, including those in the Diasporas to join hands with his government to deliver progress and prosperity to every part of Ghana.
“I am certain that together, we can transform Ghana and use all the blessings that the Almighty has bestowed on us to bring wealth to our people and nation.
President Akufo-Addo further underscored the critical importance of the role of those in the diaspora to the economic fortunes of Ghana, noting, the immense benefits that remittances from abroad had contributed to the growth of economies like China, Kenya, Israel and Ethiopia.
“History tells us of the impact of Diasporas communities to the growth and development of countries. To increase trade activities, rising investments in the transfer of skills and knowledge. I believe that beyond the remittances that you bring back home, you the diaporans have a critical role to play towards the growth and development of Ghana”, he said.
The President assured the gathering that the Office for Diasporan Affairs was working on the diaspora engagement policy bill, which is to help deal effectively with all matters affecting all overseas Ghanaians, saying he looked forward to the bill being brought before Cabinet to work on it and expeditiously lay it before Parliament.
On the political rights of dual citizens, he said that matter was for Parliament to decide, but that an opportunity would be provided for the legislature to address the issue.